June 2024 Copper Plate/Sheet and Strip Exports Remained High, With Diverse Export Destinations [SMM Analysis]

China imported 7,388.7 mt of copper plate/sheet and strip in June, up 32.88% YoY and 6.38% MoM. Exports reached 11,483.01 mt, up 22.06% YoY but down 1.31% MoM. Copper prices showed a significant downward trend in June. Despite the diminishing export price advantage, plate/sheet and strip exports remained strong.

June imports of copper plate/sheet and strip remained stable. High-end brass plate/sheet and strip continued to dominate the categories. The domestic copper scrap supply was significantly tight due to the impact of Document No. 783, leading to increased demand for imported copper plate/sheet and strip amid tight secondary raw material supply. The NEV industry’s demand for high-end hot-dip plate/sheet and strip remained strong, maintaining a high dependency on imports. Japan and Germany still accounted for the majority of China's imports in terms of proportion.

In terms of exports, June plate/sheet and strip exports remained stable, with a slight decline compared to May but still at historical highs. Red copper plate/sheet and strip performed particularly well. According to the SMM survey, leading domestic plate/sheet and strip producers did not reduce their June export plans, and export destinations were diverse. From the end-users' perspective, overseas orders in the NEV, electronics, and energy storage sectors increased significantly.